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Two contestants, one a returning champion, competed. The game began with the champion stopping three spinning circle windows, set up in a triangular fashion on a giant neon star in a giant neon circle, by hitting a plunger in front of him/her. The top two windows contained eight different categories—four in each window—with dollar amounts ranging from $50 to $200, representing the value of each question in the category. The bottom window was the contract window, and displayed numbers from one to five as well as a bullseye.

When the windows stopped spinning, the contestant chose either of the displayed categories, and had to fulfill the contract by correctly answering the number of questions indicated in the contract window. For each correct answer the dollar value of the category was added to a pot. The bullseye represented an unlimited contract and the players could continue answering as long as they desired. If a contestant answered incorrectly at any point, the opponent was given a chance to take control of the contract with a right answer. Play continued until the contract was fulfilled or (in the case of a bullseye) a player decided to stop.

The player who completed the contract was presented with a choice. He/she could either bank the money in the pot, relinquishing control of the spinning to the opposing player, or could leave the money in the pot and retain control, thus risking that the opponent could claim the pot by stealing control of and completing a contract.

The first contestant to bank $1,000 or more won the game. Beginning with a November 1980 children's charity week, this was increased to $2,000, and the question values doubled to $100–$400. Contestants kept any money banked during a game, regardless of the outcome, making Bullseye one of the few Barry & Enright shows to allow losing contestants to keep winnings from the game.

In the event the champion won the game without the challenger having an opportunity to play (for example, if the champion spun a bullseye in the contract window and answered several consecutive questions to win the game), the challenger returned in the next game to play again.

As was the case with most Barry & Enright game shows, a new car was awarded to any contestant who won five consecutive games.

The champion advanced to play the bonus round, referred to as "Bonus Island". Once again, the object for the contestant was to use his/her plunger to stop the spinning windows. However, this time the windows contained various dollar amounts ($100–$150–$200 originally, later $100–$200–$300). All three windows also contained bullseyes, and one also contained a lightning bolt.

The contestant's task was to spin three bullseyes, which resulted in an automatic win, or survive seven spins (originally ten) without being "struck by lightning". With each spin, whatever money the contestant accumulated was added to his/her bank for the round. Bullseyes, when spun, were automatically frozen, although a contestant originally had the option to freeze the window in which a bullseye appeared. A contestant could stop after any spin if he/she so chose, but if lightning came up in its assigned window, the contestant automatically lost the round and whatever money he/she had won up to that point.

For winning the bonus round by spinning three bullseyes, the contestant's money bank was doubled and the contestant also received a prize package (usually worth $2,000–$4,000). If a contestant spun three bullseyes in one spin or survive the allotment of spins, he/she won $5,000, unless he/she had accumulated more than that.

The contestant did not know whether the lightning was still in play or not until after the round ended and all the amounts in the windows were revealed.

Only for the contestant format, the same prize package was at stake for the entire show until won.